FTX official announcements or financial news outlets

FTX Plans $16 Billion Bankruptcy Payouts via BitGo and Kraken, Starting January 3, 2025, Within 60 Days

Dec 16, 2024, 05:43 PM

FTX has announced that its Chapter 11 plan of reorganization will become effective on January 3, 2025, which also serves as the record date for initial distributions to creditors. The company plans to distribute approximately $16 billion to creditors within 60 days following this effective date. FTX will utilize stablecoins for these payouts, partnering with BitGo and Kraken exchanges to facilitate the process. The first distributions are expected to occur by early March 2025. This announcement comes as part of FTX's ongoing efforts to resolve its bankruptcy proceedings and return funds to affected customers.